Decision making in today's world certainly incorporates the consideration of assessment in view of a number of criteria, instead of a favored single criteria. Solving a multi-criteria decision issue offers decision makers suggestions, regarding the best decision choices (Alternatives). At the...

The paper considers a class of decision problems with in_nite time horizon that contains Markov decision problems as an important special case. Our interest concerns the case where the decision maker cannot commit himself to his future action choices. We model the decision maker as consisting of...

We show how the position of a limit order in the queue influences the decision of whether to cancel the order or let it rest. Using ultra high-frequency data from the Nasdaq exchange, we perform empirical analysis on various limit order book events and propose novel ways for modelling some of...

Effective marketing decision-making benefits from a rigorous, data-driven process that systematically evaluates alternatives based on insights and analysis. This study develops and evaluates a 5-stage decision-making process model integrating marketing engineering principles aimed to optimize...

We study decision rules for committees that repeatedly take a binary decision. Committee members are privately informed about their payoffs and monetary transfers are not feasible. In static environments, the only strategy-proof mechanisms are voting rules which are criticized for being...

We introduce an accurate, easily implementable, and fast algorithm to compute optimal decisions in discrete-time long-horizon welfaremaximizing problems. The algorithm is useful when interest is only in the decisions up to period T, where T is small. It relies on a flexible parametrization of...

Most important economic decision problems are sequential, and thus naturally represented as Markov Decision Problems (MDP). After reviewing the theory of MDPs, the applicability of MDPs to real-life sequential decisions appears impractical. The central question addressed in this essay is how...

This paper presents an asymptotic analysis of hierarchical marketing-production systems with stochastic demand and stochastic production capacity modelled as finite state Markov processes. The decision variables used are advertising and production rates which influence capacity, demand, and...

In this paper we consider choice correspondences which may be empty-valued. We study conditions under which such choice correspondences are rational, transitively rational, partially rational, partially almost transitive rational, partially almost quasi-transitive rational

The goal programming (GP) is a well-known approach applied to multi-criteria decision making (M-DM). It has been used in many domains and the literature offers diverse extensions of this procedure. On the other hand, so far, some evident analogies between M-DM under certainty and scenario-based...